By Jennifer C. Tilos
DUMAGUETE CITY, Feb 3 (PIA) --
Employees of the Department of Education (DepEd) in Negros Oriental will
receive their refund premium in arrears previously deducted from the Government
Service Insurance System (GSIS) starting this February.
The state pension fund GSIS in its press release announced that more than 73,000 employees of DepEd in the country are expected to be refunded.
GSIS Dumaguete Branch Manager, Atty. Mercedes Enriquez, said the initial refund of P363 million is made possible by the payment of the Department of Budget and Management (DBM) of a 50 percent down payment of DepEd’s P6.92 billiob in unpaid compulsory premium contributions representing the government share of nearly 800,000 teaching and non-teaching employees from July 1, 1997 to December 31, 2010.
The GSIS, DBM, and DepEd signed an agreement last year that addressed the recurring concern on the non-remittance of premium contributions affecting the right of DepEd workers to avail themselves of their full GSIS benefits while in service and upon their retirement, it is learned.
DepEd employees covered by the February refund are those whose Cash Surrender Value (amount paid to the policyholder upon separation from the service) or Maturity Benefit (benefit payable upon maturity of the endowment policy) were processed between 1997 to 2010.
The refund will benefit 28,279 active members, 35,759 pensioners and 9,329 separated members, the press statement of the state pension fund said.
The refund of DepEd members with existing eCard or UMID card will be released through their cards; those without eCard or UMID card will be released through checks.
GSIS President and General Manager Robert Vergara said,“The next batch of refund will be processed and released after February.”
He added, “After the complete settlement of unpaid premiums, DepEd employees in active service will enjoy a proportionate increase in loanable amounts and potentially, increased retirement and life insurance benefits.”
He said that GSIS will recalculate the benefits received by those who have already retired and will refund deducted amount representing premium in arrears that have already been paid by the DBM. Their pensions will likewise be adjusted. (mbcn/JCT-PIA 7, Negros Oriental)
The state pension fund GSIS in its press release announced that more than 73,000 employees of DepEd in the country are expected to be refunded.
GSIS Dumaguete Branch Manager, Atty. Mercedes Enriquez, said the initial refund of P363 million is made possible by the payment of the Department of Budget and Management (DBM) of a 50 percent down payment of DepEd’s P6.92 billiob in unpaid compulsory premium contributions representing the government share of nearly 800,000 teaching and non-teaching employees from July 1, 1997 to December 31, 2010.
The GSIS, DBM, and DepEd signed an agreement last year that addressed the recurring concern on the non-remittance of premium contributions affecting the right of DepEd workers to avail themselves of their full GSIS benefits while in service and upon their retirement, it is learned.
DepEd employees covered by the February refund are those whose Cash Surrender Value (amount paid to the policyholder upon separation from the service) or Maturity Benefit (benefit payable upon maturity of the endowment policy) were processed between 1997 to 2010.
The refund will benefit 28,279 active members, 35,759 pensioners and 9,329 separated members, the press statement of the state pension fund said.
The refund of DepEd members with existing eCard or UMID card will be released through their cards; those without eCard or UMID card will be released through checks.
GSIS President and General Manager Robert Vergara said,“The next batch of refund will be processed and released after February.”
He added, “After the complete settlement of unpaid premiums, DepEd employees in active service will enjoy a proportionate increase in loanable amounts and potentially, increased retirement and life insurance benefits.”
He said that GSIS will recalculate the benefits received by those who have already retired and will refund deducted amount representing premium in arrears that have already been paid by the DBM. Their pensions will likewise be adjusted. (mbcn/JCT-PIA 7, Negros Oriental)